Most people assume that when you are buying a new car, it is merely as simple as driving to the local dealership in your free time. This statement could not be further from the truth if you are searching for the best possible deal. Research has shown that there are times to purchase a new vehicle that yield the least hassle and best deals.
Days of the Week
While the weekend may be the most convenient time for you to browse and purchase, it is also the most crowded time. Beat the crowds and gain a salesperson’s full attention by shopping on a Monday. Average discounts granted on Mondays can be up to 8.1 percent off of the manufacturer’s suggested retail price, or MSRP. Other days of the week are markedly lower, with Thursday coming in as the second highest discount day at 8.08 percent lower than MSRP.
If Monday or Thursday are off the table due to scheduling conflicts, choose a day and make sure to go in toward the end of business hours. Make sure you know what vehicle you would like to purchase, and let the sales staff know you intend to buy before closing. While everyone at the dealership wants to go home at the end of the day, a salesperson won’t let a guaranteed sale walk out the door just because it’s the end of the day and they may be more flexible in their negotiations to help hurry the process along.
Months of the Year
May is known for unbeatable prices during Memorial Day sales events. However, the entire month of May offers the lowest prices of the year. Since the next year’s models release in June, dealerships are eager to thin their inventory to make room for new products. This is particularly true for SUVs, which also hit lower prices in December when both manufacturer and dealer discounts are at their highest.
Former year model full-size pickup trucks fall to their best prices in October, as they tend to be the last of the old inventory left in stock. While the discount for the month averages 7 percent less than MSRP, this number tends to increase to at least 8 percent on October 30th.
Compact and mid-sized sedans see their best prices in November. Discounts average over 7 percent less than MSRP on popular commuter vehicles. Areas that experience winter weather see the largest discounts; it is thought that consumers rush to purchase a new, reliable vehicle to trudge through the winter weather without issue, which is something their current vehicle cannot promise.
Generally, the best time to shop is during the months toward the end of the year, as dealerships are eager to unload the remainder of the former year’s models. This typically means the best months to purchase are car are between October to December. However, keep in mind that not all models release at the same time. A handful of cars release their new models earlier in the year and if your heart is set on one of these models, judge the buying time by the release date, not the calendar year.
No matter what month you choose to shop, keep in mind that the best deals are always made toward the end of the month. This is mainly due to the requirements dealerships place on their sales staff. If a sales person has a certain quota to make, they are more likely to accept your negotiation for a lower price.
Days of the Year
New Year’s Eve is the optimum time to shop for and purchase a new vehicle. Dealership sales staff is most motivated at this time, as all of their sales goals—annual, quarterly, and monthly—merge, giving them the best opportunity to earn sales bonuses. Average savings float around 8.3 percent less than the MSRP. New Year’s Day yields even better discounts of 8.5 percent off the MSRP, mainly due to the slow flow of traffic and the sales staff’s hunger to make a deal.
Shopping on Black Friday may also add additional discounts to any vehicle purchase. Since it is toward the end of the calendar year, dealerships are eager to unload the previous year’s models. Additionally, the bulk of Black Friday traffic ends up in retail stores. When left with a small crowd and a quota to make, salespeople negotiate more aggressively than during a busy day at the dealership.
When purchasing a new vehicle, it is important to attain the best deal possible. Knowing the buying trends for the automobile industry helps immensely. With this information, you can shop confidently, knowing that not only are you prepared to negotiate your way into a lower price bracket, choosing the optimal times to shop will help your cause.
